The music industry took a considerable hit upon the advent of the digital age, with traditional royalties dropping drastically for artists, leaving them with few ways of monetizing their creativity aside from extensive touring and a variety of side jobs to make ends meet.
Researchers at Macquaire, however, report that this trend is now beginning to subside and even move in a positive direction — for the first time in over a decade, revenue from recorded music is increasing. Over 2016, the music industry experienced a 5% increase for about $15 billion in earnings overall. The entity further elaborates that the industry will grow by 7% in 2017, by conservative estimates.
They predict that, given current trends set forth by Apple Music and Spotify, who are constantly looking at new ways to fund artists in their services, that revenue will in fact double in another 10 years as streaming sets itself in as the next preferred way to access music. To be specific, they believe that 50% percent of the market will be streaming their music by mid-2019, and by 2025, that number will increase to 80%.
The table below depicts the current and projected growth in the industry.
h/t: Business Insider